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Italy’s Tremonti Says EU May Need New Treaty, Ansa Reports

Italian Finance Minister Giulio Tremonti said the European Union’s governing treaty may have been rendered obsolete by the financial crisis and the impact of globalization and a new agreement should be considered, Ansa news agency reported.

“They are products of a previous world,” Tremonti said in testimony to the Constitutional Affairs Committee of the European Parliament in Brussels, Ansa reported today. The global financial crisis is a reason “to think about a new and more intense European agreement,” he said.

Tremonti said that after the region’s debt crisis is brought under control, the EU should consider collectively selling bonds to finance investment, particularly in energy. Tremonti also said that the EU has been “missing in action” in terms of dealing with the flood of immigrants fleeing violence in North Africa and arriving in Italy, Ansa reported.

To contact the reporter on this story: Andrew Davis in Rome at abdavis@bloomberg.net.

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net.

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